HB 3377 Summary: Oklahoma Religious-Based Entity Act

• Creates the "Oklahoma Religious-Based Entity Act" allowing domestic corporations, limited partnerships, and limited liability companies to organize as "religious-based entities" with religious purposes while conducting business for profit

• Requires religious-based entities to be closely held, state religious purposes in formation documents, obtain 80% owner approval, and include "Religious-Based" or "R.B." designation in their name

• Allows religious-based entity managers to consider and pursue the entity's religious purposes without violating fiduciary duties, even if detrimental to profit maximization, and limits manager personal liability accordingly

• Permits religious-based entities to operate simultaneously under the Oklahoma Religious-Based Entity Act and other applicable business organization acts (General Corporation Act, Limited Partnership Act, Limited Liability Company Act)

• Amends appraisal rights provisions to extend shareholder appraisal rights to entities organized under the religious-based entity framework; effective November 1, 2014